Bitcoin surged beyond $72,000 as investors counted down the days until the U.S. presidential election and prepared for MicroStrategy’s earnings.
The price of bitcoin was up about 3% at $72,323.39 last time. The last time it hit the $72,000 mark intraday was on April 8. Ether experienced a 5% increase.
Alongside the cryptocurrency’s price increase, stocks linked to it also increased. Bitcoin proxy MicroStrategy and cryptocurrency exchange platform Coinbase both saw 1% and 2% increases, respectively.
After reaching a high of $73,797.68 in March, Bitcoin has pushed that level multiple times this year; however, previous incursions above $70,000 have only been brief. As the U.S. presidential election approaches next week, optimism is growing. Bitcoin’s value has been limited to a narrow band of $55,000 to $70,000.
With stocks reaching all-time highs this month despite rising interest rates, the resurgence of demand for bitcoin ETFs, and another Federal Reserve rate policy announcement on November 7, Bitcoin has also profited from the market’s general risk-on mentality.
Source (CNBC)
